Who’s winning the cross-border payments race in 2025? Wise, PayPal, Revolut, or Remitly?

Why Is the Cross-Border Payments Sector Under the Spotlight in 2025?

In 2025, the global cross-border payments industry is undergoing structural transformation driven by infrastructure innovation, shifting regulatory priorities, and the ongoing digitalization of consumer and business finance. With more than £32 trillion in cross-border volume moved annually, the competitive landscape is expanding beyond legacy banks into a new era defined by fintech scalability, instant settlement rails, and embedded compliance frameworks. At the center of this disruption are four major players—Wise plc, PayPal Holdings Inc., Revolut, and Remitly Global Inc.—each leveraging a distinct strategy to gain dominance in this high-growth vertical.

While all four are competing to deliver cheaper, faster, and more transparent cross-border payment solutions, their business models, margin profiles, geographic focus, and regulatory positioning vary significantly. As investor sentiment increasingly rewards profitable growth and real infrastructure differentiation, the sector is separating long-term platforms from transactional apps.

How Is Wise plc (LSE: WISE) Building a Global Infrastructure Advantage?

Wise plc has positioned itself not just as a consumer-focused remittance provider but as a foundational infrastructure layer for global money movement. For the fiscal year ended 31 March 2025, Wise reported a 23% year-over-year increase in cross-border volume to £145.2 billion and a 17% rise in profit before tax to £564.8 million. Basic earnings per share improved to 40.37p, reflecting an 18% increase. Underlying income grew to £1.36 billion, while over 65% of transactions on the platform were completed in under 20 seconds—an infrastructure benchmark that few global banks can match.

To bolster its capital access and brand visibility, Wise has announced plans to transfer its primary listing from the London Stock Exchange to a U.S. stock exchange, while maintaining a secondary UK listing. This dual listing strategy, expected to be voted on by shareholders in June 2025, aims to unlock new pools of institutional capital, particularly in the U.S., where Wise’s infrastructure partnerships with banks like Morgan Stanley are beginning to scale. The company also expanded its direct connectivity to domestic rails in markets such as Brazil (PIX), Japan (Zengin), and the Philippines (InstaPay), bringing its total domestic integrations to eight.

Institutional sentiment around Wise has turned bullish following these results, with the stock rallying over 4% post-announcement. Analysts view Wise as a long-term infrastructure play with real regulatory depth and an enviable take-rate reduction strategy, lowering fees while growing volume.

Can PayPal Regain Momentum Through Platform Modernization?

PayPal Holdings Inc. entered 2025 with a focus on operational discipline amid intensifying fintech competition. For Q1 2025, PayPal reported a 1% year-over-year revenue increase to $7.8 billion and a 45% jump in net income to $1.29 billion. Diluted EPS rose 56% to $1.29, signaling improved cost efficiencies despite top-line pressure. The company’s strategy under CEO Alex Chriss centers on streamlining product lines, investing in high-margin verticals, and enhancing the user experience across both branded and guest checkout flows.

PayPal has launched “Fastlane,” a new guest checkout feature aimed at reviving growth in its branded payments segment. The company is also reinvesting in its Venmo ecosystem, exploring monetization beyond peer-to-peer transfers, and pushing embedded solutions for merchants. However, competition from younger, mobile-first players and specialized cross-border fintechs continues to limit PayPal’s margin expansion in non-core geographies.

Investor reaction has been cautious but supportive, with many viewing PayPal as a value recovery story rather than a breakout growth platform. The stock’s performance has stabilized, but institutional flows remain neutral pending evidence of sustained user growth or successful monetization of Venmo.

How Is Revolut Monetizing Scale Across Its Diversified Product Stack?

Revolut has emerged as a diversified fintech powerhouse, reporting revenue of $4.0 billion for the year ended 31 December 2024—a 72% increase year-over-year. The company’s profit before tax soared by 149% to $1.4 billion, while its net profit hit $1.0 billion. With a customer base of 52.5 million and $38 billion in customer balances, Revolut is monetizing across banking, crypto, FX, and wealth management products. Its standalone crypto trading platform, Revolut X, and rapid rollout of business accounts have accelerated revenue per user metrics.

CEO Nik Storonsky has signaled intent to explore M&A opportunities and expand into new geographies. Revolut’s growth trajectory, especially in wealth and business verticals, offers a contrast to the remittance-heavy focus of its peers. However, its valuation and path to IPO remain uncertain, especially given Revolut’s preference for staying private as long as growth capital remains abundant.

Institutional investors view Revolut as a “super-app in the making,” though some caution persists regarding regulatory consistency across its multi-jurisdictional footprint. Nevertheless, with one of the highest growth rates in fintech and a balanced profitability profile, Revolut continues to draw comparisons to the likes of Adyen and Square.

What Makes Remitly the Fastest-Growing Digital Remittance Player?

Remitly Global Inc., focused squarely on digital remittances to emerging markets, reported Q1 2025 revenue of $361.6 million, up 34% from the prior year. Send volume surged 41% to $16.2 billion, while net income came in at $11.4 million—a marked improvement from a net loss during the same period last year. Active customers reached 8 million, up 29% year-over-year, reinforcing Remitly’s traction among diaspora communities seeking low-cost digital transfer options.

CEO Matt Oppenheimer has emphasized product simplicity, mobile-first design, and aggressive expansion in underbanked corridors. The company has recently expanded its services to include mobile wallet and cash pickup integrations in Latin America and Southeast Asia, enhancing its competitive moat against incumbents like Western Union.

Analyst sentiment is increasingly positive, with buy-side flows responding to Remitly’s improving margin profile and growth outlook. The company has raised full-year guidance for 2025, citing robust retention and repeat usage rates.

Which Company Is Leading—and What Does the Future Hold?

Comparing these four players reveals distinct value propositions. Wise is building infrastructure for the long term, combining high-frequency consumer transactions with institutional-grade APIs and local rail integration. PayPal, despite legacy baggage, still commands massive user volume and is focusing on profitability levers. Revolut is positioning as a full-spectrum financial platform, while Remitly is growing rapidly within its focused niche of mobile-first remittances to emerging markets.

From a valuation and institutional interest standpoint, Wise and Revolut appear to be the frontrunners, with PayPal aiming to stabilize and Remitly gaining momentum among mid-cap growth investors. Wise’s decision to list in the U.S. could further elevate its status and diversify its shareholder base, while Revolut’s IPO decision remains a major event on the fintech calendar.

The future of cross-border payments will likely be defined by real-time infrastructure, transparent pricing, and ecosystem extensibility. As regulatory bodies push back against hidden fees and consumers expect instant, multi-currency experiences, fintechs that combine compliance robustness with platform depth are likely to win out.